FAC1502 Assignment 3 Semester 1 2024 QUESTIONS AND ANSWERS 100% VERIFIED AND RATED A+ LATEST UPDATE GRADE A+

FAC1502 Assignment 3 Semester 1 2024 QUESTIONS AND ANSWERS 100% VERIFIED AND RATED A+ LATEST UPDATE GRADE A+ VERSION 1 Membership fees of Gizmo Soccer Club was R400 per year for 20.1 and R480 per year for 20.2. On 31 December 20.1, it was noted that 12 members did not pay their membership fees for 20.1 and 3 members paid their membership fees for the 20.2 on 31 December. The membership fees of 6 members, which was in arrears on 31 December 20.1, must be written off as irrecoverable. The financial year-end of Gizmo Soccer Club is 31 December. The membership fees account in the general ledger of Gizmo Soccer Club will be credited with credit losses of … on 31 December 20.2. Instructions: 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Round off to the nearest Rand (eg: 50.56 is 51) 3. Only show the amount, do not show the R (eg: 12141.72) 7200 Answer: Question 2 Answer saved Marked out of 1.00 Flag question Question text MADIJO Traders acquired machinery on 1 March 20.20 for an amount of R1 051 800. This machinery was only available for use from 1 May 20.20 due to massive tests that needed to be performed first. MADIJO Traders’ current financial period ends on 31 January 20.21. According to MADIJO Traders’ accounting policy, depreciation on machinery is provided using the unit of production method over it’s the useful life of 5 years according to the following production schedule: Year 1 Year 2 Year 3 Year 4 Year 5 4 Expected unit of production Actual units produced 54 000 N/A N/A N/A N/A The amount for depreciation expenses to be shown in the statement of profit or loss and other comprehensive income for the year ended 31 January 20.21 will be … NB: Instructions 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 12141.72) 3. Round the amount off to the nearest Rand (eg: 12141.72 is 12142) Answer: 157770 Question 3 Answer saved Marked out of 1.00 Flag question Question text State whether the following statement is true or false: Income received in advance is classified as a current liabil